BUSINESS
03/23/2013 02:17 pm ET Updated May 23, 2013

Cyprus, EU/IMF Lenders Agree To Bank Tax On Large Deposits: Cypriot Official

NICOSIA, March 23 (Reuters) - Cyprus has agreed with EU/IMF lenders a 20-percent levy on deposits over 100,000 euros ($130,000) at leading lender Bank of Cyprus and a 4-percent levy on deposits of the same amount at other lenders, a senior Cypriot official said on Saturday.

The official, who spoke on condition of anonymity, said a Cypriot plan to tap nationalised pension funds, opposed by Germany, would not be part of a plan to raise billions of euros in return for a bailout from the European Union.

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